2024-04-21 03:04:58
- Market sentiment related to BNB remains positive
- A breakout to the north could allow the token price to reach $600
Most had high hopes for Bitcoins [BTC] halving, especially as many expected the market to become volatile soon after. However, not all altcoins turned bullish, too GDP turns out to be among the chosen few.
Now, even if the halving did not have a massive effect on BNB from the beginning, the situation could become unstable very soon.
The way forward for BNB
BNB’s price action was volatile last week when the value fell almost 7%. However, price action stabilized a bit after the Bitcoin halving, as the coin’s price only fell 0.5% in the last 24 hours. At the time of writing, it was
trade to $556.81 with a market capitalization of over $83.2 billion.
Here it is interesting to note that while the price volatility of the coin decreased, the bullish sentiment around it increased. The same was evident with the increase in weighted sentiment on 19 April. Furthermore, social volume also increased, reflecting its popularity in the crypto space.
However, the days of slow motion may be coming to an end soon, especially since the blockchain is in the news now after the latest announcement. According to a recent cheap From the official blockchain X identifier, investors could see a large number of BNB transfers in the coming days.
However, investors need not worry as the transfers will be made as part of the Beacon Chain migration from blockchain to Binance Smart Chain.
Blockchain previously disclosed in its road map which plans to transfer Beacon Chain functions to BSC and eventually retire Beacon Chain.
Starting in April 2024, validators will migrate to the new BSC validators and delegates will use cross-chain redelegation for their BSC stakes. This new development could spark interest in the BNB chain, which could result in increased volatility on the price front in the coming days.
When can BNB expect this volatility?
AMBCrypto then checked Hyblock Capital data to look for possible resistance and support levels if the BNB price becomes volatile. According to our analysis, if a bullish rally occurs, BNB’s first resistance could be at $588.
This appears to be the case, as a significant amount of BNB will be liquidated at that level, an episode that could trigger a short-term price correction.
If another breakout occurs, the token price may also exceed $600. However, if the opposite happens and BNB moves lower, the value could fall to the support near the $500 area.
File BNB Price Prediction 2024-25
To better understand in which direction the token’s price could move, AMBCrypto analyzed its daily chart.
As indicated by the Bollinger Bands, the BNB price appeared to be on the verge of touching its 20-day SMA. A successful breakout above it could result in a bullish rally. Nevertheless, nothing can be said with maximum certainty, especially since the MACD showed a bearish advantage in the market.
This is an automatic translation of our English version.
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